TN Preps for $67 Million Expansion of Mars NA Chocolate Plant
In Cleveland, TN, Mars Chocolate North America is putting the groundwork in place to ramp up production of pretzel M&Ms. The McLean, VA-based manufacturer of pet foods, confections, and other consumable goods is considering the Cleveland City Council’s pending property tax exemption as incentive to expand operations in the region.
Randall Higgins of TimesFreePress.com writes,
Terms of the agreement, known as a payment in lieu of taxes, include an annual payment of 50% of the property taxes otherwise due until December 31, 2018.
According to the company, that agreement still means an annual payment of $652,588 to Bradley County and $542,755 to the city of Cleveland over the seven-year period.